Search results

This chapter identifies three crisis warning indicators driven from trading in emerging markets’ carry trades, and empirically examines whether these indicators could predict two major financial crises that hit the global financial markets in the last decades — The 1997–1998 Asian crisis and the 2007–2008 global crisis. The probit regression is used to examine the power of the three indicators in forecasting financial crises, using data from eight Asian emerging countries which serve as proxies for emerging markets, independent of the origination of the crisis. I use both fixed effect and random effect estimation to measure crisis impacts. The empirical results show that financial crises could have been predicted. Probit estimation show that carry trade returns can predict a financial crisis, and the estimation results are robust to both panel level and country-level analysis. These three indicators are by no means an exhaustive list of all possible predictors of financial crisis. The literature suggests other fundamental indicators of financial crises such as the current account deficit and foreign debt. However, this chapter cannot fully consider these indicators for lack of data at this point in time. Although financial crisis may be better predicted by the well-known fundamental indicators, the contribution of this chapter is simply that carry trade-related indicators can help in predicting crises.

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides:

We develop the concept of the slave-trade balance of payments and generate its table for the United States for 1790–1860. In the process, we construct new data for the slave trade, including both the physical movement and revenue figures, and we analyze these numbers. The balance of payments includes slave imports, carrying trade in slaves, purchases of slaves that fail to be imported, outfitting and provisioning slave ships, and slave-ship sales. The slave-trade balance is integrated into the standard balance of payments. Among the findings are the following: slave imports were dominated by natural growth except for one decade; US ships had the greater role than foreign ships in the import trade, but were of small—and eventually nil—consequence in the carrying trade; federal and state laws to prohibit the slave trade in all its aspects were generally effective; and the slave-trade balance of payments was a small component of the overall balance.

An Act to amend the law relating to employers and workers and to organisations of employers and organisations of workers; to provide for the establishment of a National Industrial Relations Court and for extending the jurisdiction of industrial tribunals; to provide for the appointment of a Chief Registrar of Trade Unions and Employers' Associations, and of assistant registrars, and for establishing a Commission on Industrial Relations as a statutory body; and for purposes connected with those matters. [5th August 1971]

One of the common law duties owed by the employer is his duty to take reasonable care for the safety of his employee. This common law duty is an implied term in the contract of employment and is therefore contractual in nature. Because of the difficulties which may arise in bringing an action in contract for breach of the employer's duty of care, the employee who has sustained injuries during the course of his employment (although he may sue either in contract of tort will normally bring a tort action.

Natural selection—survival of the fittest—is as old as life itself. Applied genetics which is purposeful in contrast to natural selection also has a long history, particularly in agriculture; it has received impetus from the more exacting demands of the food industry for animal breeds with higher lean : fat and meat : bone ratios, for crops resistant to the teeming world of parasites. Capturing the exquisite scent, the colours and form beautiful of a rose is in effect applied genetics and it has even been applied to man. For example, Frederick the Great, Emperor of Prussia, to maintain a supply of very tall men for his guards—his Prussian Guards averaged seven feet in height—ordered them to marry very tall women to produce offspring carrying the genes of great height. In recent times, however, research and experiment in genetic control, more in the nature of active interference with genetic composition, has developed sufficiently to begin yielding results. It is self‐evident that in the field of micro‐organisms, active interference or manipulations will produce greater knowledge and understanding of the gene actions than in any other field or by any other techniques. The phenomenon of “transferred drug resistance”, the multi‐factorial resistance, of a chemical nature, transferred from one species of micro‐organisms to another, from animal to human pathogens, its role in mainly intestinal pathology and the serious hazards which have arisen from it; all this has led to an intensive study of plasmids and their mode of transmission. The work of the Agricultural Research Council's biologists (reported elsewhere in this issue) in relation to nitrogen‐fixing genes and transfer from one organism able to fix nitrogen to another not previously having this ability, illustrates the extreme importance of this new field. Disease susceptibility, the inhibition of invasiveness which can be acquired by relatively “silent” micro‐organisms, a better understanding of virulence and the possible “disarming” of organisms, particularly those of particular virulence to vulnerable groups. Perhaps this is looking for too much too soon, but Escherichia coli would seem to offer more scope for genetic experiments than most; it has serotypes of much variability and viability; and its life and labours in the human intestine have assumed considerable importance in recent years. The virulence of a few of its serotypes constitute an important field in food epidemiology. Their capacity to transfer plasmids—anent transfer of drug resistance— to strains of other organisms resident in the intestines, emphasizes the need for close study, with safeguards.

The development of the current European economic area maritime cabotage market occurred when, at a policy level, the European Union forced the opening of its member-states cabotage markets to Community shipowners and extended this openness, in 1997, to the european free trade area countries. A two-tier cabotage market emerged, where a European economic area legislative framework co-exists with the legislative acts of each member-state. With such a unique background, this paper aims to investigate both the European economic area member-states and the rest of the world cabotage regimes and identify a list of reasons and policy measures used to implement cabotage policies.

By means of a desk research methodological approach, this paper analyses, from a geographical perspective, different countries’ cabotage policies and classifies them, and identifies in a systematically way a set of reasons and policy instruments that support each of chosen policies approach.

The outcome indicates that only a few countries promote free liberalised cabotage services and that most countries favour protectionist cabotage policies, whose governments can control the number of foreign vessels participating in these trades. Cabotage regimes have been categorised and the reasons behind both policies and respective policy instruments have been identified.

Quite often, researchers only focus on the cabotage policies of the European economic area countries, the USA, Australia, Japan and South Korea. This paper value rests on its ability to incorporate cabotage policies from other African, Asian and Latin American countries and to update existing information on the subject. Overall, this paper paves the way to broaden the cabotage knowledge.

The Food Bill has emerged from the Grand Committee on Trade, and will shortly be submitted, as amended, to the House of Commons. Whatever further amendments may be introduced, the Bill, when passed into law, will but afford one more example of the impotence of repressive legislation in regard to the production and distribution of adulterated and inferior products. We do not say that the making of such laws and their enforcement are not of the highest importance in the interests of the community; their administration—feeble and inadequate as it must necessarily be—produces a valuable deterrent effect, and tends to educate public opinion and to improve commercial morality. But we say that by the very nature of those laws their working can result only in the exposure of a small portion of that which is bad without affording any indications as to that which is good, and that it is by the Control System alone that the problem can be solved. This fact has been recognised abroad, and is rapidly being recognised here. The system of Permanent Analytical Control was under discussion at the International Congress of Applied Chemistry, held at Brussels in 1894, and at the International Congress of Hygiene at Budapest in 1895, and the facts and explanations put forward have resulted in the introduction of the system into various countries. The establishment of this system in any country must be regarded as the most practical and effective method of ensuring the supply of good and genuine articles, and affords the only means through which public confidence can be ensured.